Minimum Balance Rules, Charges Of Key Banks Explained Here

Regular savings bank accounts require customers to maintain a certain average monthly balance (AMB). Top banks such as State Bank of India (SBI) and HDFC Bank have fixed their average monthly balance requirements according to the location of a customer's account in urban, metro, semi-urban and rural areas. Banks charge a penalty from customers who fail to maintain an average monthly balance in their savings account. The penalty varies according to various factors such as location of branch.

Here are the penalty charges levied for non-maintenance of balance by SBI, HDFC Bank and ICICI Bank: 

State Bank of India (SBI) Minimum Balance Rules

Customers having a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average balance of Rs. 3,000, according to the bank's website, sbi.co.in. Customers with SBI savings accounts in semi-urban and rural branches are required to maintain a minimum average balance of Rs. 2,000 and Rs. 1,000, respectively. Customers failing to meet these requirements have to pay the following charges:

(As mentioned on SBI's official website)

HDFC Bank Minimum Balance Rules

Customers having a regular savings account in HDFC Bank branches located in metro and urban areas are required to maintain an average monthly balance of Rs. 10,000, according to the bank's website, hdfcbank.com. In semi-urban branches, the regular savings account holders are required to maintain an average balance of Rs. 5,000 every month. In rural branches, the customers are required to either maintain an average quarterly balance of Rs. 2,500 or set up a fixed deposit of Rs. 10,000 for a maturity period of a minimum one year and one day. Customers failing to meet these requirements have to pay the following charges: